Goldcorp: Wikis

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Top rankings for Goldcorp

93rd	Top companies of Canada

Categories: S&P/TSX 60 Index > S&P/TSX Composite Index > Gold mining companies of Canada

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Updated live from Wikipedia, last check: June 02, 2012 11:03 UTC (38 seconds ago)

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Goldcorp Inc.

Type	Public
Headquarters	Vancouver, British Columbia, Canada
Key people	Charles Jeannes, President & CEO
Industry	Gold Mining
Revenue	$2.4 billion
Total assets	$19.0 billion
Employees	1,862 (2008)^[1]
Website	www.goldcorp.com

Goldcorp Inc. (TSX: G, NYSE: GG) claims it is one of the world’s lowest cost and fastest growing multi-million ounce gold producers. Headquartered in Vancouver, British Columbia, Canada, Goldcorp has 16 operations and development projects in 6 countries across the Americas ^[2]. Goldcorp also claims it has one of the industry's strongest production growth profiles with an anticipated increase in gold production of over 50% over the next five years.

Goldcorp produced 2.3 million ounces of gold in 2008 at a total cash cost of $305 per ounce of gold. Net earnings increased to a record $1,475.6 million compared to $460.1 million in 2007. Goldcorp continues to pay a monthly dividend to shareholder's which amounted to $128.7 million during 2008.

The company claims a commitment to "high standards and sustainable practices through (its) project developments, mining operations and reclamation process"^[3]; however, it faces public criticism over its human rights and environmental record, especially with respect to its operations in the Siria Valley (Honduras) and in San Marcos (Guatemala).^[4] ^[5] ^[6]

In August 2006, Goldcorp acquired the San Martin mine in Honduras from Glamis Gold ^[7]. The takeover came on the heels of Glamis' May 2006 shareholders meeting in which representatives of mining affected communities in both Honduras and Guatemala issued a statement concerning the "grave consequences" resulting from gold mining in the region ^[8]. A study released in 2006 by the Siria Valley Environmental Committee in Honduras showed that "among the five water sources tested — including mine run-off, a stream and a community well — all contained heavy metals and/or cyanide concentrations above the international legal norms for potable water and approximately half of the results are also above the internationally accepted limits for waters discharged by mining activities" ^[9]. In 2007, the Canadian organization Development for Peace, its UK affiliate CAFOD (Catholic Agency for Overseas Development) and Caritas Tegucigalpa of Honduras, joined other international organizations in calling for the "responsible closure" of Goldcorp's open pit mine in Honduras ^[10]. Goldcorp reports that 2007 was "San Martin's last year as an operating mine" and that it has now begun reclamation activities at the site^[11].

In Guatemala, Goldcorp's Marlin mine is expected to continue production until 2015 ^[12]. The Marlin site was acquired from Glamis Gold in 2006. A year prior to the Goldcorp takeover, residents of Sipakapa, Guatemala, filed a complaint against Glamis with the Office of Compliance Advisor/Ombudsman (CAO) for the World Bank, alleging that the Marlin mine was "developed without adequate consultation and in violation of the rights of indigenous people" ^[13]. The CAO found that Glamis had "interacted extensively" with local communities. However, it also found that "public disclosures prepared by the company - including the ESIA (environmental and social impact assessment) - were highly technical and did not at the time have sufficient information to allow for an informed view of the likely adverse impacts of the project"^[14]. Tensions arising from these early transactions carried out by Glamis have not been resolved by Goldcorp. The company refuses to recognize the results of a 2005 referendum in which 11 of 13 community assemblies in San Marcos voted to reject mining in the area.^[5]^[15]

History

On March 31, 2006, Goldcorp acquired the Eleonore gold project in Quebec from Virginia Gold Mines Ltd.
On May 12, 2006, Goldcorp completed the purchase of a number of Placer Dome assets from Barrick Gold for approximately $1.6 billion.
In August 2006, Goldcorp acquired Glamis Gold to create one of the world’s largest gold companies.
On February 14, 2008, Goldcorp completed the disposition of 108 million common shares of Silver Wheaton to a syndicate of underwriters, at a price of Cdn $14.50 per share, for aggregate gross proceeds to Goldcorp of $1.571 billion which represents the sale of all of Goldcorp's remaining interest in Silver Wheaton.
On September 25, 2008, Goldcorp acquired Gold Eagle Mines Ltd. Gold Eagle's principal asset is the Bruce Channel gold discovery which is situated adjacent to Goldcorp's Red Lake Gold mine.
In October 2008, Goldcorp was named one of BC's Top Employers by Mediacorp Canada Inc., which was announced by The Vancouver Sun, The Province and the Victoria Times-Colonist.^[16]